In a significant policy reversal, the Bank of Maldives (BML) has announced the reinstatement of dollar services for primary accounts, following a directive from the Maldives Monetary Authority (MMA). This decision comes after an earlier suspension of dollar issuance to Rufiyaa accounts.

Initially, BML had decided to halt the issuance of dollars to Rufiyaa accounts, affecting both debit and credit cards linked to these accounts. The move was driven by challenges in acquiring sufficient dollar reserves and a rise in foreign currency transactions through credit cards.

However, the bank has now reversed its stance, aligning with MMA’s previous practices. The updated policy, effective immediately, allows customers to transact up to $250 per month on their debit and credit cards. For Maldivians residing abroad, the limit is set at $750 per month. Additionally, holders of standard and gold credit cards will receive a $100 monthly allocation in dollars.